I've only recently started a career and just learned of the concept of Early Retirement. It seems like a goal I want to achieve in the long run. However, I've been set back a few years due to some "mistakes" I've made in the past regarding my education and career.
Here's where I stand right now:
No Debt.
Started my "First" Job in 2010
Current Net Worth: ~$50,000 (no real estate, just stocks, gold, and government bonds.)
Yearly Income: ~$40,000/yr.
Industry: Financial (yes, I know I'm very underpaid in this field.)
Education: BS in Physics (2005), MS in Physics (2007), MS in Finance (2009)
I did some calculations and if I were to save $10,000 towards retirement each year (adjusted for inflation) and got a 5% annual return after taxes and inflation, I'd only achieve $1 million (in 2012 dollars) by the time I'm in my 70s!
I switched from Physics to Finance after I had failed out of my PhD program a back in 2007. (Yeah, I know the timing couldn't have been any better for receiving my Finance degree.)
I'm actually also considering a career change to a related field if it brings about more income and employment opportunities. I'm seriously considering the Actuarial field.. but it requires a series of several very difficult exams that'll easily take 5-10 years to complete. And since my goal is to retire early, it doesn't make too much sense to invest so much time in a new career before retiring.
What do you think?
Here's where I stand right now:
No Debt.
Started my "First" Job in 2010
Current Net Worth: ~$50,000 (no real estate, just stocks, gold, and government bonds.)
Yearly Income: ~$40,000/yr.
Industry: Financial (yes, I know I'm very underpaid in this field.)
Education: BS in Physics (2005), MS in Physics (2007), MS in Finance (2009)
I did some calculations and if I were to save $10,000 towards retirement each year (adjusted for inflation) and got a 5% annual return after taxes and inflation, I'd only achieve $1 million (in 2012 dollars) by the time I'm in my 70s!
I switched from Physics to Finance after I had failed out of my PhD program a back in 2007. (Yeah, I know the timing couldn't have been any better for receiving my Finance degree.)
I'm actually also considering a career change to a related field if it brings about more income and employment opportunities. I'm seriously considering the Actuarial field.. but it requires a series of several very difficult exams that'll easily take 5-10 years to complete. And since my goal is to retire early, it doesn't make too much sense to invest so much time in a new career before retiring.
What do you think?
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